Match the element of financial statements with its description. As a result of past transactions, a positive economic benefit is realized by the organization, such as an increase in accounts receivable, cash, or inventory. event This is an external event that involves transferring something of value, such as services or products, to another company, and in exchange, the company will receive payment. This occurs when the use of raw materials by a company is provided to a customer and an exchange is made. liabilities revenue This is where an organization increases accounts receivable or cash in exchange for products or services provided by the organization. assets As a result of a past transaction, a negative economic benefit is realized by the organization, such as accounts payable, loans payable, and variable expenses. transaction